“This allows us to stay in the credit union family as a CUSO, with a strong strategic credit union as the majority owner."
Six months after Business Partners LLC, the member lending subsidiary founded by the failed Telesis Community Credit Union, changed owners, the CUSO is starting to emerge from a bleak and dark fog.
Reduction in overhead costs cited as largest contributor to CUSO's recent performance post-Telesis.
While it’s been a little over a year since Telesis Community Credit Union went under conservatorship, credit unions may find there are still more lessons to learn from the cooperative’s collapse.
The NCUA’s Inspector General blamed Telesis Community Credit Union’s former management and board as well the NCUA and California Department of Financial Institutions for the Chatsworth, Calif.-based institution’s failure in a material loss review released March 20.
Business services specialist points at MBL exposure, loan loss allowances, dependence on CUSO revenue, high operating expenses.
New report cites CEO's aggressiveness and risk-taking, compliant board, lax oversight in California credit union failure.
OIG says agency should amend capital rules to reflect higher risk in member business loan portfolio.
The NCUSIF has taken an estimated hit of $72 million due to the failure of Telesis Community Credit Union, NCUA Public Affairs Specialist John Fairbanks said Tuesday.
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